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Let's talk about money and your mental health · She's On The Money

0:00
Speaker 1: She's on the Money.
0:02
Speaker 2: She's on the Money. Hello and welcome to She Is
0:14
Speaker 2: on the Money, the podcast for millennials who want financial freedom.
0:17
Speaker 2: My name is Georgia King. I'm a copywriter and journalism
0:20
Speaker 2: student with lots left to leone when it comes to money. Thankfully,
0:24
Speaker 2: as always here to help us all out is Melbourne
0:26
Speaker 2: based financial advisor Victoria Devine.
0:28
Speaker 3: Hello remotely, Georgia King.
0:31
Speaker 2: Hello dev I just called you Devo. Sorry about that noway,
0:35
Speaker 2: I know problems.
0:36
Speaker 3: Shout out to my little sister who is the real
0:38
Speaker 3: Devo here.
0:39
Speaker 2: They look the same. Today on the show, we are
0:41
Speaker 2: going to be tackling a huge topic that we think
0:44
Speaker 2: is really important that we had to chat about, and
0:46
Speaker 2: that is mental health and money. Given the undeniable garbage
0:50
Speaker 2: fire that has been twenty twenty, we think there's probably
0:53
Speaker 2: never been a more necessary moment than right now, really
0:56
Speaker 2: to address the financial struggle that many of us are feeling,
0:59
Speaker 2: as well as the struggles that come along with that.
1:02
Speaker 2: Plus will be helping answer a cork of a money
1:05
Speaker 2: question from someone who is feeling a little stuck in
1:07
Speaker 2: an unemployed rut. And we'll hear from a money diarist
1:10
Speaker 2: whose horrible housemate left her in lots of debt. Before
1:14
Speaker 2: we do get there, though, it would be rude not
1:16
Speaker 2: to chat about our money wins and confessions from the week, Victoria,
1:19
Speaker 2: what if you got for me?
1:20
Speaker 3: That would be absolutely rude of us. But do you
1:22
Speaker 3: know what's hilarious before I jump into that, the fact
1:25
Speaker 3: that you called twenty twenty an undeniable garbage fire. I
1:29
Speaker 3: kind of loved.
1:30
Speaker 2: That, right. I don't think anyone could disagree with that.
1:33
Speaker 2: Disagree with that, disagree with.
1:34
Speaker 3: That, no, no, I will not disagree with that. But
1:39
Speaker 3: what I loved was that I haven't heard anyone call
1:41
Speaker 3: it an undeniable garbage fire, because that's absolutely what it is.
1:45
Speaker 3: I have, however, heard a lot of corporate emails going
1:47
Speaker 3: around at the moment and they all start with hello, Victoria,
1:50
Speaker 3: I hope you're well during these unprecedented times. You would
1:54
Speaker 3: say that, yeah, because it's on everything. I'm so sick
1:57
Speaker 3: of the words.
1:58
Speaker 2: So it's just change it. Businesses need to be pivoting,
2:02
Speaker 2: you know what I'm saying.
2:02
Speaker 3: Yeah, pivoting On'm like, just you know what, get in
2:05
Speaker 3: the bin because it's a garbage fire exactly.
2:09
Speaker 2: Now, talk to me about your money wins, all right,
2:11
Speaker 2: so I like the tangent.
2:12
Speaker 3: Yeah, thank you. Sorry, this is very strange to be
2:16
Speaker 3: recording remotely, but do you know what I'm here for it, Georgia.
2:20
Speaker 3: I have a money win this week and it is
2:22
Speaker 3: probably not one that you would expect, but it's one
2:25
Speaker 3: that we all should care about, and that is sunscreen.
2:28
Speaker 3: So I'm definitely using my one hour of freedom every
2:32
Speaker 3: single day to go on a walk, and I always
2:35
Speaker 3: wear fifty SPF sunscreen. The thing is, I have super
2:38
Speaker 3: sensitive skin and I have tried so many sunscreens. I
2:43
Speaker 3: cannot begin to tell you how many sunscreens.
2:46
Speaker 1: I have tried.
2:47
Speaker 3: I have been buying left, right and center sunscreens for
2:50
Speaker 3: the last few years, and for me, I have found
2:53
Speaker 3: the OG and it is twelve dollars at Chemist Square House.
2:57
Speaker 3: So this is absolutely not sponsored, although if the cancer came.
3:00
Speaker 3: Auncil Sunscreen Face Day where moisturizer Matt, which is the
3:04
Speaker 3: one I'm obsessed with at the moment. It's invisible, has
3:07
Speaker 3: no color to it, sits under my makeup perfectly, sits
3:10
Speaker 3: by itself, perfectly super moisturizing. Like I think I'm going
3:14
Speaker 3: to become some kind of skin care blogger, so here
3:17
Speaker 3: for this. But I'm loving this sunscreen at the moment,
3:20
Speaker 3: and I think that money win at being twelve dollars
3:23
Speaker 3: and more recently, I think I got it for fifty
3:25
Speaker 3: percent off during a sale.
3:27
Speaker 2: Stop that I know. Okay, mine's nice and quick. This week,
3:30
Speaker 2: it was going to be a confession. I paid my
3:33
Speaker 2: phone bill late, so I was waiting for that late
3:35
Speaker 2: fee Georgia, Yeah, yeah, yeah. But then my phone bill
3:38
Speaker 2: for this month comes around, no late fee attached, guys,
3:41
Speaker 2: so that's a win.
3:42
Speaker 3: That's that's a win. But like, also, Georgia King, you're
3:47
Speaker 3: a part of the Shees on the Money team. What
3:49
Speaker 3: are you doing?
3:50
Speaker 2: I know, I feel like I shouldn't be the co
3:51
Speaker 2: host of this podcast, like I'm awful with me.
3:54
Speaker 3: No, I love you. You are here for a reason,
3:56
Speaker 3: and that reason is you don't pay phone bills on time,
4:00
Speaker 3: and I feel like that's super relatable. We've all been there.
4:03
Speaker 3: I only pay my phone bill on time because it's
4:05
Speaker 3: direct debited. Let's be honest, and that's what I need
4:08
Speaker 3: to do, so you know, we'll get there. That can
4:09
Speaker 3: be my goal for this week.
4:10
Speaker 2: Anyway.
4:11
Speaker 3: I love to move.
4:12
Speaker 2: Along and have a little look at the Facebook community, Victoria,
4:16
Speaker 2: did any posts stick out to you this week?
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Speaker 3: Yes, it did, and I called DIBs on this post
4:20
Speaker 3: very early on when we're planning this episode. So this
4:23
Speaker 3: one is from our friend Josie and she said money
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Speaker 3: slash life win. I always like her when people make
4:29
Speaker 3: big calls like that, but reading her text, absolute life win.
4:33
Speaker 3: She said. My partner and I have always wanted a
4:35
Speaker 3: Groodle puppy, but as we're going through IVF, it's never
4:38
Speaker 3: been an option as they sell for around seven thousand
4:41
Speaker 3: dollars each and dogs can be so expensive. Georgia insanity.
4:45
Speaker 3: She said, Well, my partner found this nine month old
4:48
Speaker 3: grudle needing to be rehomed for family reasons, and my
4:51
Speaker 3: partner bought her for me to help me get through
4:53
Speaker 3: the mental journey of IVF. We already have a Golden Retriever,
4:57
Speaker 3: so she's the perfect fit for our family. We are happy.
5:00
Speaker 3: Plus we're keeping in contact with the original owners so
5:03
Speaker 3: they can watch her grow up. How sweet is that?
5:07
Speaker 2: So sweet? And it's like the cutest dog I've ever seen.
5:10
Speaker 3: She's so sweet. She's like cuddled up in a bed
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Speaker 3: and oh my heart, I love dogs. I just love
5:16
Speaker 3: animals in general, and Josie, good luck for your IVF journey.
5:21
Speaker 3: That is such a big thing to go through, and
5:23
Speaker 3: I'm so glad that you have a new friend to
5:25
Speaker 3: go through all with. Georgia, have you got a money
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Speaker 3: in from the community to share with us this week?
5:31
Speaker 2: I do. I love this one. So this one's from
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Speaker 2: New York and she was the lovely lady who posted
5:36
Speaker 2: about the herbs and spices, so you guys would know
5:40
Speaker 2: if you buy your herbs it, you know, woolies or coals,
5:43
Speaker 2: it's probably like two bucks, so it's pretty cheap, two bucks,
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Speaker 2: two dollars fifty. But instead of buying new herbs on
5:50
Speaker 2: her grocery hole, she went to a bulk food stop
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Speaker 2: and just refilled the herbs that she needed into a
5:55
Speaker 2: little containers and it costs So she's got thirty two
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Speaker 2: cents for paprika instead of two dollars fifty, mixed herbs
6:01
Speaker 2: through eighteen cents instead of two dollars fifty, twenty four
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Speaker 2: cents of basil powder instead of two dollars fifty. So
6:07
Speaker 2: you know, it's a small win, but it's amazing. It's
6:09
Speaker 2: better for the environment. It's ticking all of those boxes.
6:12
Speaker 1: I love so that.
6:12
Speaker 2: I thought that was really cool.
6:13
Speaker 3: I love that that's good for our back pocket and
6:16
Speaker 3: also good for the environment. And refilling stuff is so
6:19
Speaker 3: satisfactionary sat a word satisfy. I'm just making up words
6:22
Speaker 3: on my podcast today. It is so satisfying. And do
6:26
Speaker 3: you know what that means? That you can just like
6:28
Speaker 3: get matching jars along the way and just like have
6:30
Speaker 3: a really nice looking pantry. I'm here for it. Just
6:33
Speaker 3: refeel you are here for that. Absolutely love a good
6:36
Speaker 3: money win about food.
6:37
Speaker 2: Yeah, very very wholesome wins this week. I'm into it.
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Speaker 3: Dogs and snacks my favorite kind of wins.
6:44
Speaker 2: Exactly. Should we move on to the main chat for today.
6:47
Speaker 3: Of course we could. I'm very excited about this one
6:50
Speaker 3: because I think it's going to be so impactful and
6:52
Speaker 3: so powerful and so relevant right now for everybody.
6:55
Speaker 2: Let's go, all right, so today we're going to be
6:58
Speaker 2: delving into the topic of mental health and money.
7:01
Speaker 4: Now.
7:01
Speaker 2: One of the key reasons we wanted to address this
7:03
Speaker 2: topic today was that sometimes it can be really hard
7:06
Speaker 2: to talk about mental health and even admit to yourself,
7:08
Speaker 2: let alone others that you may be struggling. So obviously
7:11
Speaker 2: the pandemic has caused complete devastation right around the globe
7:15
Speaker 2: from a health perspective, and we've seen close to one
7:17
Speaker 2: million people lose their lives. So today we really wanted
7:20
Speaker 2: to start out this chat by acknowledging that and by
7:22
Speaker 2: sending our love to the families and friends impacted directly
7:25
Speaker 2: by the virus. The main intention of today's show, though,
7:28
Speaker 2: is to shed a little light on the subtle impact
7:30
Speaker 2: COVID has on our mental health, not just in regards
7:32
Speaker 2: to people who have contracted the virus and lost loved ones,
7:35
Speaker 2: but also for those who've lost their jobs or who
7:37
Speaker 2: have taken a significant financial hit, as we know how
7:40
Speaker 2: strongly mental health is linked with our financial well being. Also,
7:43
Speaker 2: today we want to have a conversation for those whose
7:46
Speaker 2: lives may not have changed as drastically as others, but
7:48
Speaker 2: who are maybe still feeling that sense of anxiety or
7:51
Speaker 2: stress about the state of things, and who also might
7:53
Speaker 2: be feeling a little bit guilty about reacting that way. Spoilers,
7:57
Speaker 2: you definitely shouldn't be feeling guilty, which we'll talk about
7:59
Speaker 2: a little later on. So Victoria, start us off before
8:02
Speaker 2: we really get into it. Can you talk to me
8:04
Speaker 2: a little bit about what this year's been like for you.
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Speaker 3: Do you know what, Georgia. I think you summed it
8:08
Speaker 3: up really well before when you called this year a
8:10
Speaker 3: garbage fire, and I feel like that's potentially the best
8:14
Speaker 3: example of what it has been like for me. You
8:17
Speaker 3: know what, that might be a little bit dramatic. I
8:19
Speaker 3: do have to acknowledge that I have been quite lucky.
8:22
Speaker 3: I am still employed, I am still in a situation
8:25
Speaker 3: where I'm able to continue on my podcast and I
8:28
Speaker 3: get to work with you remotely. And things have changed
8:31
Speaker 3: or pivoted, Georgia, but they, you know, they aren't the worst.
8:36
Speaker 3: But I think that when you said subtle impact of
8:38
Speaker 3: COVID on our mental health, I kind of just thinking,
8:41
Speaker 3: is it actually subtle or is it really serious? Because
8:44
Speaker 3: for me, I know my mental health is suffering. I
8:48
Speaker 3: know I'm putting a lot of effort and energy into
8:50
Speaker 3: trying to make sure that my mental health is stable
8:53
Speaker 3: and that I am okay. But I think that all
8:55
Speaker 3: of us, let's be honest, whether you've still got your
8:57
Speaker 3: job or not, whether you've been financially impact or not,
9:00
Speaker 3: you're feeling a little bit flat and deflated, especially if
9:03
Speaker 3: you are living like you and I Georgia down here
9:05
Speaker 3: in Melbourne where we're in stage four lockdown. So for me,
9:09
Speaker 3: this episode couldn't have been better timed. I feel like
9:12
Speaker 3: more recently, everyone's kind of gotten over zoom. It's like
9:15
Speaker 3: everyone has a bit of zoom fatigue. So we're not
9:17
Speaker 3: catching up with people speaking to people in our community
9:20
Speaker 3: every single day about how they're living alone and they're
9:23
Speaker 3: just struggling with the isolation. And I just feel like
9:26
Speaker 3: it's been hard for me, but I think it's been
9:28
Speaker 3: arguably a lot harder for other people. And I just
9:32
Speaker 3: want to start talking about this because mental health is
9:35
Speaker 3: so important, and mental health is something that impacts us all.
9:39
Speaker 3: And if you think mental health hasn't impacted you, I
9:42
Speaker 3: think that maybe you're not looking at it from the
9:44
Speaker 3: right lens, because we all have mental health, and I
9:48
Speaker 3: think that, you know, just pointing out here, mental health
9:50
Speaker 3: and mental illness are two different things. We all have
9:54
Speaker 3: mental health and we all have to look after it
9:56
Speaker 3: in exactly the same way that we look after our
9:58
Speaker 3: physical health. So for me, it's been a little bit
10:02
Speaker 3: up and down. It's been a little bit crazy workwise.
10:04
Speaker 3: Lots of stuff has happened. There's been some incredibly exciting things.
10:08
Speaker 3: There's also, for me, been a fair few lows, but
10:10
Speaker 3: that's totally okay. But for me, I think it's more around,
10:13
Speaker 3: you know, really recognizing that I'm in quite a lucky position,
10:17
Speaker 3: and I think before we go on any further, I
10:20
Speaker 3: really want to mention our friends in our community, our
10:23
Speaker 3: healthcare workers and all the other essential workers who are
10:26
Speaker 3: out there risking literally risking their own safety each day
10:29
Speaker 3: for us, and I know that they would be suffering
10:32
Speaker 3: from a level of physical and mental exhaustion. So for me,
10:36
Speaker 3: I just want to really send out my love to
10:38
Speaker 3: them and just let them know that we're thinking of
10:40
Speaker 3: them and we are so grateful that you're doing this.
10:43
Speaker 3: It's because of you, guys that we are getting through it.
10:46
Speaker 3: So that's where I'm at, Georgia King, And I know
10:48
Speaker 3: that's a little bit randy, but that's not uncommon for
10:51
Speaker 3: me to be ranty on this podcast. But before I
10:54
Speaker 3: let you ask your next question, which I can see
10:57
Speaker 3: you jumping in to try and ask, I just wanted
11:00
Speaker 3: to quickly disclaim this chat by saying that you know,
11:03
Speaker 3: neither of us are psychologists. Yes, we're talking about mental
11:06
Speaker 3: health because it is something that is really relevant to us,
11:10
Speaker 3: and it is really relevant to our community. But we
11:12
Speaker 3: are not at psychologists and we are not going to
11:15
Speaker 3: pretend to be if you are having a particularly tough
11:18
Speaker 3: time at the moment. We've linked a number of different
11:20
Speaker 3: resources in the show notes for you to utilize, and
11:23
Speaker 3: we'll be talking about some of them further along in
11:25
Speaker 3: this chat as well. But to quickly plug one of
11:28
Speaker 3: our own products, Georgia King, It's not even a product,
11:30
Speaker 3: it's just something that I'm getting up to in IO.
11:33
Speaker 3: I have got registered psychologist and my friend Brianna Sada
11:38
Speaker 3: on webinars with us more recently, and we have been
11:41
Speaker 3: running every Thursday night at eight pm, So there'll be
11:44
Speaker 3: one tomorrow if you're actually listening to this podcast on
11:47
Speaker 3: a Wednesday. Every Thursday night at eight pm, we're doing
11:50
Speaker 3: a self care session, like a little psych session with
11:53
Speaker 3: a psychologist. This coming week, we are going to be
11:56
Speaker 3: talking about mindset and changing your mindset during a really
11:59
Speaker 3: stressful time time. Last week we talked about anxiety, and
12:03
Speaker 3: the week before we talked about self care and what
12:05
Speaker 3: that actually means. And if you missed any of those
12:07
Speaker 3: you can find them on our YouTube, so you can
12:09
Speaker 3: watch them back or have a little bit of a listen.
12:12
Speaker 3: But those resources that I think are really powerful because
12:15
Speaker 3: we've got an actual psychologist who has come in and
12:18
Speaker 3: giving us advice on how to get through this, and George,
12:21
Speaker 3: the webinars are just a really nice session. I'm actually
12:24
Speaker 3: having a glass of wine every time we do one
12:26
Speaker 3: of these webinars, sitting down, We've got a live chat
12:29
Speaker 3: going on, and we're answering questions from the community about
12:32
Speaker 3: these topics and just having an hour where we forget
12:35
Speaker 3: that COVID is a thing, just to talk about us
12:37
Speaker 3: and you and your mental wellbeing. So that's just a
12:40
Speaker 3: little plug. Those things aren't sponsored, they are just you
12:43
Speaker 3: know that she's on the money community coming together to share.
12:46
Speaker 3: Brianna is donating her time and I think it is
12:48
Speaker 3: so generous for her to do so, and so I
12:50
Speaker 3: just wanted to say right here that I am so
12:52
Speaker 3: grateful for her for, you know, giving us that grace,
12:55
Speaker 3: and I think that you know, it's impacted a lot
12:57
Speaker 3: of people positively. So if you want to hang out
13:00
Speaker 3: with us tomorrow, there is a link in our show
13:02
Speaker 3: notes so that you can join us. But Georgia King,
13:04
Speaker 3: let's keep going with the podcast. That is enough from me, No.
13:07
Speaker 1: I loved it.
13:08
Speaker 2: I should add as well there that all of our
13:11
Speaker 2: self care sessions are free to get involved with, so
13:14
Speaker 2: definitely join us.
13:16
Speaker 3: Yes, absolutely, that is a really great point. They aren't
13:19
Speaker 3: going to cost you anything except your time, and essentially
13:22
Speaker 3: I want that to be any investment in your own
13:24
Speaker 3: self care. So that is why we are doing it.
13:26
Speaker 3: If we can do anything to impact mental health positively,
13:29
Speaker 3: and getting advice from experts to me is essential, Like
13:33
Speaker 3: I don't want to sit here and pretend that we
13:34
Speaker 3: are experts. And that's why we are having this conversation today.
13:38
Speaker 2: So moving on, V, why do you think it has
13:40
Speaker 2: been such a hard year for so many of us
13:42
Speaker 2: beyond the obvious spheres of just our own health and
13:45
Speaker 2: safety and that of our loved ones.
13:46
Speaker 3: You know what, Georgia. Obviously we're in the middle of
13:49
Speaker 3: a pandemic, which is something so new to all of us.
13:51
Speaker 3: We've not experienced this before. Because of that, our routines
13:55
Speaker 3: have been completely thrown out. We're working from home, we
13:57
Speaker 3: can't go to the gym, we can't see our friends,
14:00
Speaker 3: and for so many people, including me, this has actually
14:03
Speaker 3: had huge impacts as those routines were such big parts
14:06
Speaker 3: of keeping us all sane. To me, the smallest pleasures
14:09
Speaker 3: which we were so lucky to get to enjoy, like
14:12
Speaker 3: travel or going out for meals or catching up with
14:14
Speaker 3: people who make us happy, it feels like they've all
14:17
Speaker 3: been stripped away, and that is a massive change for
14:20
Speaker 3: us to be coping with, and to me, I feel
14:23
Speaker 3: like it has only been now that I've really realized
14:26
Speaker 3: how social I actually am. I've always known that I'm
14:29
Speaker 3: incredibly introverted and I love time on my own. I'm
14:33
Speaker 3: someone who does not get my energy from being around
14:36
Speaker 3: other people. Like I love being around other people. I
14:39
Speaker 3: love contributing, but I'm very much an online kind of contributor,
14:43
Speaker 3: which is probably no surprise as to why I started
14:45
Speaker 3: a Facebook group. But I do love my own time
14:48
Speaker 3: and you know, going on walks by myself. And so
14:51
Speaker 3: when we went into the first stage of ISO, I
14:54
Speaker 3: was kind of like, you know what, this is going
14:56
Speaker 3: to be, not too bad. I'm going to be fine.
14:58
Speaker 3: But I didn't realize how much I'd miss my friends
15:01
Speaker 3: or even just the social interaction of going into my
15:03
Speaker 3: office every day and seeing my team and just seeing
15:06
Speaker 3: what they were up to Humans are by nature social creatures,
15:10
Speaker 3: so to be confined and kept away from the people
15:12
Speaker 3: who actually bring us up and support us is a
15:15
Speaker 3: huge part of this sense of sadness and angst that
15:17
Speaker 3: many of us are feeling. So for me, I think
15:19
Speaker 3: that it is incredibly important to just point that out,
15:23
Speaker 3: like even if you are single and living at home
15:26
Speaker 3: and you've been on your own for ages, even stuff
15:29
Speaker 3: like the social interaction of jumping on the train every
15:31
Speaker 3: day to go to work and just like their routine
15:34
Speaker 3: associated with that, Like we miss those things because they
15:38
Speaker 3: are what normalize us. So last week, Georgia I had
15:41
Speaker 3: a webinar with Brianna and we were talking specifically about anxiety,
15:45
Speaker 3: and she said that our anxiety response has been triggered
15:48
Speaker 3: by the pandemic because our health is under threat, as
15:51
Speaker 3: is the health of our loved ones, and this underlying
15:54
Speaker 3: anxiety can actually place massive strain on our work and relationships.
15:58
Speaker 3: And it absolutely makes sense that we be all feeling
16:00
Speaker 3: flat or anxious at this point in time. And as
16:03
Speaker 3: Brianna explained in the webinar, we are trapes in completely
16:06
Speaker 3: new territory and we can't underestimate what actually living through
16:10
Speaker 3: a pandemic means life is not now what it used
16:13
Speaker 3: to be before. So accordingly, we need to be adjusting
16:16
Speaker 3: our expectations. We need to be kind to ourselves and
16:19
Speaker 3: realign our goals to fit with what is actually achievable
16:22
Speaker 3: for us in this moment, because even people like me,
16:25
Speaker 3: I'm looking at twenty twenty and going, oh, I should
16:28
Speaker 3: have done so much more, or I should be in
16:30
Speaker 3: a different position, or I should have finished this project
16:33
Speaker 3: or that project. And Brianna said something really interesting that
16:37
Speaker 3: really stuck with me last week, and that was we
16:41
Speaker 3: need to change our language from I should have to
16:44
Speaker 3: I would like to, but I'm not. And I think
16:47
Speaker 3: that if we can change our mentality from I should
16:50
Speaker 3: to I would like to, it makes sense like I
16:53
Speaker 3: should be working on this project. It's like I would
16:56
Speaker 3: like to be working on this project, but I'm not,
16:59
Speaker 3: And I think that is okay, Like it is okay
17:02
Speaker 3: to have things that have changed. And I think that
17:04
Speaker 3: we need to just understand that, you know, this time
17:08
Speaker 3: is completely quote unprecedented, but we need to keep in
17:12
Speaker 3: mind that this time is not typical and we can't
17:14
Speaker 3: be expected to operate at the same level we were
17:17
Speaker 3: operating at or achieve what we were at the same
17:20
Speaker 3: rate either. And I know that this all sounds really
17:23
Speaker 3: randy again, because I feel like this is just like,
17:25
Speaker 3: let's change it from She's on the money to Victoria's
17:27
Speaker 3: rant fests. But for me, I think it's really important
17:30
Speaker 3: to remember that right now is a really interesting time
17:33
Speaker 3: to be having this conversation, because we are now six
17:36
Speaker 3: months into this thing. Like, this isn't the one month thing.
17:40
Speaker 3: I remember, Georgia, when you know, I think you were
17:42
Speaker 3: in my office way back in like February or March.
17:45
Speaker 3: I can't even remember. It feels like forever ago, and
17:48
Speaker 3: we were talking about, oh, imagine if they put our
17:50
Speaker 3: city into lockdown like Italy. Like I remember having this conversation,
17:55
Speaker 3: and I, because I am a business owner, had to
17:58
Speaker 3: work out what that meant for my team and work
18:00
Speaker 3: out what that meant for everybody in my office. And
18:03
Speaker 3: we made the decision to start working from home a
18:05
Speaker 3: little bit earlier than most businesses did because we had
18:09
Speaker 3: the ability to do that. So we did, and I
18:11
Speaker 3: genuinely had this belief that it would be two or
18:14
Speaker 3: three weeks. I was just like, Yeah, in a couple
18:16
Speaker 3: of weeks, we'll be back it'll be fine, just work
18:18
Speaker 3: from home for now. And it is now September and
18:22
Speaker 3: we are now six months in and the novelty of
18:25
Speaker 3: lockdown has absolutely worn off. There is absolutely no novelty
18:29
Speaker 3: of it. People are over it and our spirits are waning.
18:31
Speaker 3: So hopefully today we can look at some tools that
18:34
Speaker 3: will help keep us buoyant.
18:35
Speaker 2: I think another point just to jump in there as well,
18:38
Speaker 2: V is that Brianna mentioned that the fatigue that we're
18:42
Speaker 2: all feeling extends far beyond just COVID. In Australia, we've
18:47
Speaker 2: been doing it tough since summer. Like we had the bushfires.
18:49
Speaker 2: That was what we were switching on and watching on
18:51
Speaker 2: the news every night. We were dealing with that horror,
18:54
Speaker 2: which has now extended into this whole garbage fire of
18:57
Speaker 2: a year. So I think just kind of understanding that
19:01
Speaker 2: it completely makes sense that we're feeling this way. If
19:03
Speaker 2: you're feeling extra flat like it's it's very normal. I
19:07
Speaker 2: don't know, does that make sense.
19:09
Speaker 3: No, It is so normal to be feeling overwhelmed. It
19:12
Speaker 3: is so normal to have an underlying level of anxiety
19:15
Speaker 3: at this point, and I think that that's what I
19:18
Speaker 3: think we're missing. I think that too many people are
19:21
Speaker 3: saying too many things about Oh no, Like I'm fine,
19:25
Speaker 3: Like I get that maybe you're saying that, but like,
19:27
Speaker 3: have a think about what that actually means for you.
19:30
Speaker 3: And I know that social media, and I say this
19:32
Speaker 3: all the time, and it sounds quite hypocritical because most
19:36
Speaker 3: of our business and community is on social media, but
19:39
Speaker 3: social media at the moment can be such a negative place.
19:42
Speaker 3: We are seeing influencers post their new prider bags, and
19:44
Speaker 3: then we're also seeing all of these entrepreneurs post these
19:48
Speaker 3: motivational quotes that are like, you know, if you don't
19:50
Speaker 3: come out of this pandemic with a new skill or
19:52
Speaker 3: a new ability, you have used your time wrong. And
19:55
Speaker 3: I just think that that's so backwards and just so
19:59
Speaker 3: not what we needed at the moment. Like we are
20:01
Speaker 3: trying to survive, not thrive, and I need you to
20:04
Speaker 3: remember that because I think we're putting too much pressure
20:07
Speaker 3: on ourselves. And you know this has now become just
20:11
Speaker 3: a conversation, I guess between you and I. But last
20:14
Speaker 3: week when we were doing the webinar, I had a
20:17
Speaker 3: question from one of our live chat people and she said,
20:21
Speaker 3: I'm feeling really down about the fact that my partner's
20:25
Speaker 3: out of work and I am, you know, a breadwinner now,
20:29
Speaker 3: but I have a low income and at the end
20:31
Speaker 3: of every single month, I have no money left. And
20:34
Speaker 3: I just said, like, girl, you are doing amazing, Like
20:37
Speaker 3: how good is that that you still have money coming
20:40
Speaker 3: in to be able to support your family? Like your
20:42
Speaker 3: savings right now should not be your priority. And I know,
20:45
Speaker 3: coming from me, it feels very strange to be giving
20:49
Speaker 3: this advice, but it is true. I never thought that
20:52
Speaker 3: the biggest pieces of advice that I, as a financial
20:55
Speaker 3: advisor would give you guys, is you know, reach out
20:58
Speaker 3: and see if there's any government assistance. You know, stop
21:00
Speaker 3: putting pressure on yourself to save, like this is just
21:03
Speaker 3: the year that happened. Like we can achieve everything. We
21:06
Speaker 3: just need to put a holt to this and stop
21:09
Speaker 3: putting pressure on ourselves to achieve during a time when
21:12
Speaker 3: we should just be surviving.
21:14
Speaker 2: I thought both you and Brianna V had so many
21:16
Speaker 2: brilliant tips on keeping our mental states as healthy as possible,
21:20
Speaker 2: So I thought I might recap some of those here
21:22
Speaker 2: for you. If you have, I would so you can
21:24
Speaker 2: jump in at any time if I know.
21:25
Speaker 3: That it's okay. I think this will be really powerful
21:27
Speaker 3: as well, because we did have a number of really
21:29
Speaker 3: good tips. Let me let me know what your summary is.
21:32
Speaker 3: Come on, let's go.
21:34
Speaker 2: So first one, just remembering that your experience is valid,
21:38
Speaker 2: which is what we were saying before. So just because
21:40
Speaker 2: someone else might be having a worse time than you,
21:43
Speaker 2: it doesn't mean it doesn't devalue what's happening for you
21:47
Speaker 2: right now. Everything's relative, so it's okay to feel the
21:50
Speaker 2: way you're feeling. That was my first one. Love that
21:52
Speaker 2: maintaining a routine, which you mentioned above as well, v
21:55
Speaker 2: where possible because they're so important, I know for personality
21:58
Speaker 2: types like mine, writing lists, keeping busy, but just having
22:03
Speaker 2: structure in your day just helps you get through it.
22:05
Speaker 2: I think it helps you feel like you're achieving and
22:08
Speaker 2: accomplishing and ticking things off the list, which kind of
22:11
Speaker 2: helps propel you. For one hundred at least, I found that.
22:14
Speaker 3: Yeah, no, one hundred percent, And I think it's really
22:16
Speaker 3: important that, even if you're not employed right now, having
22:20
Speaker 3: a list, even just like Okay, I'm going to get up,
22:23
Speaker 3: I'm going to make my bed, I'm gonna, like you know,
22:25
Speaker 3: clean the bathroom, I'm going to go for a walk,
22:27
Speaker 3: and then I'm going to make Like even stuff like
22:29
Speaker 3: that helps you creep a routine, and having a list
22:32
Speaker 3: makes you feel structured, and structure is something that humans
22:36
Speaker 3: thrive on. So if you're having a bit of a
22:38
Speaker 3: hard time, write this down. Even write down that you
22:41
Speaker 3: want to drink some extra you know, glasses of water.
22:44
Speaker 3: Like write down some goals for the day that are
22:46
Speaker 3: about self care, like I'm going to take five minutes
22:49
Speaker 3: to just sit by myself and have a think. Or
22:51
Speaker 3: I'm going to drink some extra water, or I'm going
22:53
Speaker 3: to go for a walk with the dog. Like, write
22:55
Speaker 3: these intentions down, because if you write your intentions down,
22:58
Speaker 3: you are more likely to achieve them.
23:00
Speaker 2: The next one was keeping a gratitude journal, which is
23:04
Speaker 2: so not my style at all, but Brianna mentioned that
23:07
Speaker 2: gratefulness is a big thing separating happy and unhappy people.
23:11
Speaker 2: And I know you mentioned a few episodes ago be
23:13
Speaker 2: that you do have a gratitude journal and that I
23:15
Speaker 2: do make it a daily practice of writing down what
23:18
Speaker 2: you're grateful for. So I think that's one of the
23:20
Speaker 2: things that I'm going to start doing to keep pepped
23:22
Speaker 2: up absolutely And do you know what I used to
23:25
Speaker 2: think this was the lamest thing in the entire world.
23:28
Speaker 2: I was like, I'm not keeping a journal, no, but
23:31
Speaker 2: I feel like this gratitude journal has really helped ground me,
23:34
Speaker 2: and I keep trying to think of really creative things
23:36
Speaker 2: to put in my gratitude journal, but I'm often coming
23:39
Speaker 2: back to the basics and like, I'm grateful for my
23:41
Speaker 2: shoes on the money community, I'm grateful for my family,
23:44
Speaker 2: I'm grateful for my breakfast. Like, they don't have to
23:47
Speaker 2: be big things, they don't have to be massive. But
23:50
Speaker 2: I really like pointing out to myself every single day
23:54
Speaker 2: the small things, because the small things are really the
23:56
Speaker 2: big things at the end of the day, Like they're
23:58
Speaker 2: the things that matter to me. So, yeah, what else
24:00
Speaker 2: is on the list?
24:01
Speaker 3: Georgia?
24:01
Speaker 2: So the last one, I mean, I could speak for
24:03
Speaker 2: ages because it was such a powerful hour. It was
24:07
Speaker 2: the idea of starting from the inside out rather than
24:10
Speaker 2: from the outside in. So basically Brianna was just saying
24:13
Speaker 2: that if you focus on what is around you immediately
24:16
Speaker 2: and what you can control, rather than focusing on the
24:20
Speaker 2: overwhelming stuff like focusing on the death toll, focusing on
24:25
Speaker 2: the financial impact that this is going to have on
24:27
Speaker 2: our world, like, just focus on what you can control
24:30
Speaker 2: and you'll feel much more I guess, less stressed, more calm,
24:35
Speaker 2: less emotional.
24:36
Speaker 1: I don't know.
24:37
Speaker 2: I don't know if I'm articulating that properly, but Brianna
24:40
Speaker 2: said it perfectly. But I guess it's just reducing that
24:43
Speaker 2: sense of overwhelm. Yeah. I really took a lot away
24:47
Speaker 2: from that little comment there.
24:48
Speaker 3: Yeah, and I'm going to put the pdf for a
24:51
Speaker 3: link to the pdf that she had, because she had
24:53
Speaker 3: a really great demonstration that she shared with us, and
24:57
Speaker 3: it was just like this image that kind of was
25:00
Speaker 3: just about, you know, starting with the things you can control,
25:02
Speaker 3: and there were this I can't even remember. They were
25:04
Speaker 3: like the circles of control, and so I will link
25:07
Speaker 3: that below so you guys can see it because it
25:09
Speaker 3: was actually quite powerful and I know a lot of
25:11
Speaker 3: people have been asking for it as well.
25:13
Speaker 2: So obviously we are a money podcast, so inevitably, you
25:17
Speaker 2: know we're gonna have to be talking about the financial
25:19
Speaker 2: stress of twenty twenty. The financial impact of this year
25:22
Speaker 2: has been immense on Australians. I did some research. It's
25:26
Speaker 2: one point three million people who lost their jobs this year,
25:29
Speaker 2: and then that's not even counting all of the people
25:31
Speaker 2: that lost hours, lost shifts, or saw their salary decrease
25:35
Speaker 2: to some extent. So I was wanting to ask you, Victoria,
25:38
Speaker 2: what some of the techniques you'd advise for someone who's
25:41
Speaker 2: really struggling with money this year.
25:43
Speaker 3: And I think that goes back to what we're talking
25:45
Speaker 3: about before. Think that's my number one tip. Stop putting
25:47
Speaker 3: pressure on yourself. Stop trying to achieve these massive savings
25:51
Speaker 3: goals if you've got them for yourself, if right now
25:53
Speaker 3: they're not achievable, and be kind to yourself honestly, like
25:57
Speaker 3: you are doing a damn good job and you need
26:00
Speaker 3: to remember that. And I think that right now because
26:02
Speaker 3: it has been so long, like Georgia, it's been six months.
26:05
Speaker 3: If it was a couple of weeks, I think all
26:06
Speaker 3: of us could have brushed it off. But now it
26:08
Speaker 3: feels like half the year's been taken. It's August, It's
26:11
Speaker 3: going to feel like December in absolutely no time. And
26:14
Speaker 3: I know that this isn't going anywhere soon. So just
26:17
Speaker 3: take the pressure off yourself. If you are feeling overwhelmed financially,
26:21
Speaker 3: or if you've got debt. I think the number one
26:23
Speaker 3: thing for me would be to seek help. So there
26:25
Speaker 3: are a number of debt hotlines. We've got resources in
26:28
Speaker 3: the show notes this week. If you have a plan
26:31
Speaker 3: and get your head out of the sands, you're going
26:32
Speaker 3: to be feeling so much better about this. So prioritize
26:36
Speaker 3: making a plan to get out of that debt. With
26:38
Speaker 3: the situation we're in now, stop adhering to your old circumstances,
26:42
Speaker 3: and that's going to help you go a really long
26:44
Speaker 3: way to just helping feel mentally and financially lighther. The
26:48
Speaker 3: second Georgia is going to be one of my favorites.
26:51
Speaker 3: Get your budget and cash flow in order. I can't
26:54
Speaker 3: tell you how many times I jump up and down
26:55
Speaker 3: about this so that you understand what's happening with your
26:58
Speaker 3: money so you can make it work for you. If
27:01
Speaker 3: you need to do a new budget because your budget
27:03
Speaker 3: has changed, that is cool. Just get it done. I
27:05
Speaker 3: think it's really important. And also if you're really struggling
27:09
Speaker 3: with that, we do have our budget and cash Flow
27:11
Speaker 3: course coming out this month Georgia, which will be so
27:14
Speaker 3: so fun. The next one is cut back where you can.
27:17
Speaker 3: We spoke about this a lot on the budgeting episode.
27:20
Speaker 3: A couple of weeks back. So listen to that, but
27:22
Speaker 3: just prioritize your spending. Look at how you can reduce
27:25
Speaker 3: your expenses right now and where you can be saving
27:27
Speaker 3: some extra dollars. This is going to help you save
27:30
Speaker 3: more and faster. Also, keep in mind that the Australian
27:34
Speaker 3: government is providing additional Medicare subsidies for psychological therapy sessions.
27:39
Speaker 3: I didn't know this, learned this in the webinar. Again,
27:42
Speaker 3: like these webinars honestly should be sponsored, given how much
27:45
Speaker 3: I'm jumping up and down about them. But honestly, guys,
27:48
Speaker 3: it's just me and a wine with Brianna, our psychology
27:50
Speaker 3: friend on a Thursday night. But this is through the
27:52
Speaker 3: Mental health Care Plan. So if you need to speak
27:54
Speaker 3: with someone but you're worried about the cost, you can
27:56
Speaker 3: make an appointment with your GP. And because everyone's doing
27:59
Speaker 3: tech health at the moment, you can google a tallyhealth
28:03
Speaker 3: practitioner that does bulk feeling and ask your GP for
28:07
Speaker 3: a bulk build psychologist. This is going to mean that
28:10
Speaker 3: you know your out of pockets will be covered and
28:13
Speaker 3: discuss arranging a mental health care plan with them if
28:16
Speaker 3: you need it. Honestly, I can't speak highly enough of
28:19
Speaker 3: just putting your hand up and reaching out for some help.
28:22
Speaker 3: It will be the best thing you've done all year. Honestly,
28:25
Speaker 3: I think it was a couple of weeks ago. B
28:27
Speaker 3: we noted that about fifty nine percent of Australian say
28:30
Speaker 3: their current financial situation causes them stress all loss of sleep,
28:34
Speaker 3: and nearly half of millennials constantly worry about their financial future.
28:40
Speaker 3: So to round out our chat today, can you talk
28:42
Speaker 3: a little bit about the relationship between mental struggle and finance. So, actually, Georgia,
28:48
Speaker 3: it works both ways, and this is generally speaking, of course,
28:52
Speaker 3: but often those experiencing mental health issues find that it
28:56
Speaker 3: can add to financial stress and the other way around
28:59
Speaker 3: to if you've got fineinancial stress like that adds to
29:01
Speaker 3: your mental load. And I think that the term mental
29:05
Speaker 3: load is really important here to understand, and it might
29:08
Speaker 3: not be something that you guys have heard of before,
29:11
Speaker 3: but the term mental load to me is really really
29:14
Speaker 3: important and it's usually used in relation to women, but
29:17
Speaker 3: I think we all experience mental load. And this is
29:21
Speaker 3: the mental work, the organizing, the list making, the planning,
29:24
Speaker 3: all of the things you are doing to manage your life.
29:26
Speaker 3: And right now, For me, I feel like everybody's mental
29:30
Speaker 3: load is heightened because our financial stresses have changed, and
29:34
Speaker 3: I think it's really important to point that out. That
29:37
Speaker 3: everybody has mental health, but mental health is dependent on
29:41
Speaker 3: how much mental load you are taking on, and if
29:44
Speaker 3: you're taking on heaps and heaps of mental load, of
29:46
Speaker 3: course it is going to be stressful mentally, Georgia. To
29:49
Speaker 3: put all of this simply, we know that financial wellness
29:52
Speaker 3: can bring us security and peace of mind, which reduces stress,
29:56
Speaker 3: as we know, but it is one massive thing we
29:58
Speaker 3: no longer have to worry about. That money doesn't buy happiness,
30:01
Speaker 3: but it sure as hell does afford us a lot
30:03
Speaker 3: of freedom, and the stress of not being able to
30:06
Speaker 3: keep up with our bills or struggling to make ends
30:08
Speaker 3: meets with our debts can considerably impact our day to
30:11
Speaker 3: day lives and our mental loads. So I think it's
30:13
Speaker 3: really important to keep that in mind, Georgia. I've spoken
30:17
Speaker 3: about this before on the podcast, but we also know
30:20
Speaker 3: that finance ranks as essentially the top stressor for Australians
30:24
Speaker 3: according to the APS or the Australian Psychological Association, which
30:28
Speaker 3: I would imagine, especially during this time, is still the case.
30:32
Speaker 2: Well, it's just one of those things that we don't
30:34
Speaker 2: talk about, and obviously this podcast aims to combat that.
30:38
Speaker 2: But money for so long has been such a tavoo,
30:40
Speaker 2: and I think we really build up this sense of
30:44
Speaker 2: shame around our money if it's not going so well
30:46
Speaker 2: for us and we don't want to be talking about it.
30:49
Speaker 2: Do you think that plays into it at all?
30:50
Speaker 3: One hundred percent. Money's awkward to talk about. I mean,
30:53
Speaker 3: I don't find it awkward to talk about anymore, but
30:55
Speaker 3: I remember there was a time when it was awkward
30:57
Speaker 3: for me, and I'm really grateful I've gotten through that.
31:00
Speaker 3: And the point of this podcast is to really open
31:02
Speaker 3: up the conversation around money to empower us. But more
31:06
Speaker 3: money conversations, more often, a problem shared is a problem halved.
31:09
Speaker 3: And if you can have a conversation with someone about
31:12
Speaker 3: an issue you are struggling with, you are going to
31:14
Speaker 3: feel so much lighter, whether that is money or something else.
31:17
Speaker 2: Okay, So to wrap up our main chat today, Victoria,
31:21
Speaker 2: if our listeners could only take away one thing from
31:24
Speaker 2: today's whole episode, what do you think.
31:25
Speaker 1: It would be?
31:26
Speaker 3: Be kind to yourselves. I think that given this has
31:29
Speaker 3: been stretching on for so long, we seem a little
31:31
Speaker 3: bit over looking after ourselves. In a way, we seem
31:35
Speaker 3: a little bit over the whole COVID thing. And it's
31:37
Speaker 3: so fair, like everybody is, you know, over zooming with
31:40
Speaker 3: their friends and they're over talking about COVID and they're
31:43
Speaker 3: overwatching the news. But like you can't get over being
31:46
Speaker 3: kind to yourself. And I think still take the pressure off. Like,
31:50
Speaker 3: let's just treat twenty twenty as a year that we
31:52
Speaker 3: learnt a little bit more about ourselves. Twenty twenty is
31:56
Speaker 3: not the year to be, you know, smashing out financial goals.
31:59
Speaker 3: If you are fantastic, I'm so happy for you. But
32:03
Speaker 3: for those of us who are struggling, just practice kindness.
32:06
Speaker 3: It is not the year to be, you know, putting
32:08
Speaker 3: this pressure on ourselves at all.
32:14
Speaker 2: Hi, there, you've reached the shoes on the money mail box.
32:16
Speaker 2: Do you have the money problem you want to help solving.
32:18
Speaker 2: Do you have the money and dilemma you just want
32:20
Speaker 2: to chat about. Victoria is here to help. Every week,
32:23
Speaker 2: we'll be playing your questions to help make sense of
32:25
Speaker 2: the money mess you may have found yourself in. Make
32:27
Speaker 2: a quick recording on your phone and send it through
32:29
Speaker 2: to podcast at Shoesodthmoney dot com dot Au and you
32:32
Speaker 2: might even find yourself on the show. But for now,
32:35
Speaker 2: here's today's listener question.
32:37
Speaker 5: Hi ladies, I'm twenty three and I was made redundant
32:39
Speaker 5: in April and I haven't been able to get a
32:41
Speaker 5: job since, which I've been feeling kind of guilty and
32:44
Speaker 5: lazy about. I live at home still, so I'm okay
32:46
Speaker 5: in that sense, but I just feel like I should
32:48
Speaker 5: be starting a side hustle or trying harder to get
32:51
Speaker 5: a job and get on with things, but I'm finding
32:53
Speaker 5: it really hard. I'm also in Melbourn, which makes things
32:55
Speaker 5: hard too, as we can't really go anywhere. If you
32:58
Speaker 5: have any advice on how I can pull myself out
33:00
Speaker 5: of this rut so that I can continue saving, I
33:02
Speaker 5: would really appreciate it.
33:04
Speaker 2: Thoughts on this listener question, Victoria, Oh.
33:07
Speaker 3: Georgia King. I've said it before and I will say
33:10
Speaker 3: it again, and that is we don't need to be
33:12
Speaker 3: achieving anything throughout this time. It is literally enough to
33:15
Speaker 3: just be surviving through it. So if you don't speak
33:18
Speaker 3: another language, or you don't have new abs, or you
33:21
Speaker 3: don't have a new degree coming out of this pandemic.
33:23
Speaker 3: You absolutely have not failed, and I'd really like to
33:27
Speaker 3: take issue with that kind of rhetoric. It is so
33:29
Speaker 3: unfair on you to be thinking that you need to
33:32
Speaker 3: be doing more, achieving more if you're unemployed and you
33:34
Speaker 3: just want to be working out how to save again.
33:36
Speaker 3: I get it, I really really do, but to stop
33:39
Speaker 3: putting pressure on yourself. There is, you know, no pressure
33:42
Speaker 3: on her. She's living at home and I'm sure her
33:44
Speaker 3: parents are very sympathetic and empathetic, so I think we
33:47
Speaker 3: need to appreciate that. And you know, like I just
33:50
Speaker 3: want to jump up and down and say, stop putting
33:53
Speaker 3: so much pressure on yourself, like it is so hard,
33:56
Speaker 3: Like yes, absolutely, if you would like to continue looking
33:59
Speaker 3: for a job, I'm not saying give up and just
34:01
Speaker 3: be kind to yourself for six months and lay in
34:03
Speaker 3: bed like that is not it. But I think we
34:05
Speaker 3: all need to remember that right now, lots of people
34:09
Speaker 3: are unemployed, lots of people are applying for whatever jobs
34:12
Speaker 3: are in existence, and so many jobs are not able
34:16
Speaker 3: to hire at the moment either. So this is going
34:18
Speaker 3: to be hard for months to come because the level
34:21
Speaker 3: of competition is going to be insane. It is not
34:24
Speaker 3: going to be reasonable for you to expect a job
34:27
Speaker 3: right off the bat, if I'm being honest. And it's
34:30
Speaker 3: also going to just be really challenging mentally because I
34:33
Speaker 3: know lots of us are going to feel so let
34:35
Speaker 3: down when we apply for jobs and then don't hear
34:38
Speaker 3: back from them. And that was something that I was
34:40
Speaker 3: speaking to someone about earlier this week actually, and they
34:43
Speaker 3: were like, look, Victoria, I've applied for so many jobs
34:45
Speaker 3: and I haven't heard back from any of them. Like, look,
34:47
Speaker 3: I get that, and I really wish that employers would
34:50
Speaker 3: give you feedback when you applied for a job. That's
34:53
Speaker 3: just not fair. But at the moment, we're in the
34:56
Speaker 3: middle of a pandemic and I am absolutely sure they
34:58
Speaker 3: would have been in undates should with applications, so stop
35:02
Speaker 3: taking the rejections.
35:03
Speaker 2: So personally, yeah, well that goes back to what you
35:06
Speaker 2: were saying before, Victoria, about adjusting your expectations of this
35:10
Speaker 2: year a little bit.
35:11
Speaker 3: Absolutely, And I think it's just worthy of pointing it out,
35:14
Speaker 3: Like you guys might already know that, but I think
35:16
Speaker 3: it's one thing to know it and another thing for
35:18
Speaker 3: someone to sit down and go, no, I care about you,
35:21
Speaker 3: Please listen like this is something that you need to.
35:24
Speaker 2: Hear lastly as well. She doesn't have any debts that
35:26
Speaker 2: she's mentioned here. She's just worried that she's not saving enough.
35:30
Speaker 2: So it's all okay, I would just take it easy
35:33
Speaker 2: on yourself for sure. Now it's time for our favorite
35:38
Speaker 2: part of the show. We take a sneak peek into
35:41
Speaker 2: the financial lives of perfect strangers. It's time for money diaries.
35:45
Speaker 4: Hello, my name is indebted friend, and this is my
35:48
Speaker 4: money diary.
35:49
Speaker 2: What does indebted friend do? How much does she earn?
35:52
Speaker 2: And how much is in her bank account right now?
35:54
Speaker 4: So I work as an environmental consultant. I own seventy
35:58
Speaker 4: two thousand a year. I have about five thousand dollars
36:03
Speaker 4: in my bank account at the moment.
36:04
Speaker 2: And what happens to our income when she gets paid?
36:07
Speaker 4: I immediately take my rent out. At the moment that
36:12
Speaker 4: my partner and I live together, and because I was
36:16
Speaker 4: financially kind of drowning for quite some time, he basically
36:21
Speaker 4: loaned me a good chunk of money to get out
36:25
Speaker 4: of that immediate debt that I was in, and then
36:28
Speaker 4: I'm paying him back by covering his rent. So at
36:32
Speaker 4: the moment when I get paid I pay the full
36:35
Speaker 4: amount of rent, and then I have all direct debts
36:38
Speaker 4: for all my bills, and I kind of find I
36:41
Speaker 4: just let them come out. I don't really pay as
36:43
Speaker 4: much attention to them as I should, which I'm trying
36:45
Speaker 4: to get better at was pre planning when I know
36:49
Speaker 4: they're coming out, so I don't look at my account
36:50
Speaker 4: and go, oh, there's one hundred dollars missaying, Oh it
36:53
Speaker 4: was this bill. And then we're also getting married. We
36:56
Speaker 4: do fought like week on week off of paying our groceries.
37:00
Speaker 4: Kind of know about how much that costs per week,
37:03
Speaker 4: so I make sure I keep that amount out and
37:06
Speaker 4: then everything else I just try to put away to
37:09
Speaker 4: savings for our upcoming nuptials.
37:12
Speaker 2: What I have thoughts on investing at.
37:14
Speaker 4: The moment, all about saving investing is not something I
37:16
Speaker 4: ever thought about until I listened to the podcast, and
37:19
Speaker 4: it's something I'm definitely more interested in. It's kind of
37:23
Speaker 4: one of those things I'm putting off until wedding is done.
37:27
Speaker 1: And i have a personal.
37:28
Speaker 4: Loan that I'm wanting to really pay down once the
37:31
Speaker 4: wedding's done, Like I really want to get that gone
37:34
Speaker 4: by this time next year, So it's yeah, it's kind
37:36
Speaker 4: of something that is in the back of my head
37:38
Speaker 4: to do, but not something that I'm currently doing now.
37:41
Speaker 2: She did get herself into trouble debt, which blew out
37:43
Speaker 2: to fifteen thousand dollars. How exactly did she find herself
37:46
Speaker 2: in this situation.
37:47
Speaker 4: I had a credit card that I should never have
37:49
Speaker 4: been approved for ever, like the fact that the bank
37:52
Speaker 4: even gave me when it is just absurd to me.
37:54
Speaker 4: So I had that, and then I found that I
37:56
Speaker 4: was I was dipping into it a lot, and I
37:59
Speaker 4: wanted to get rid of it, like I wanted to
38:00
Speaker 4: try and start managing my finances a lot better. So
38:03
Speaker 4: I got a personal loan to cover the credit card
38:08
Speaker 4: and pay that off instead. It was lower interest, and
38:11
Speaker 4: it was a much better option. And then where it
38:14
Speaker 4: all kind of spiraled out of control was I didn't
38:18
Speaker 4: immediately close the credit card, and then I moved in
38:21
Speaker 4: with a friend and her boyfriend. We were living together
38:26
Speaker 4: for maybe three months, maybe even two months, and they
38:30
Speaker 4: split up and.
38:32
Speaker 1: It all spiraled out from there.
38:34
Speaker 4: So she basically did him dirty personally and their relationship
38:38
Speaker 4: and then me as well as a friend, and just
38:41
Speaker 4: with the financial obligations that she had towards us in
38:44
Speaker 4: the least up and left left a job, had no
38:47
Speaker 4: idea where she went or what was going on, was
38:50
Speaker 4: refusing to pay rent, refusing to pay bills. We were
38:54
Speaker 4: kind of trying to figure out if we could get
38:55
Speaker 4: a new roommate in and it all became really really difficult,
38:59
Speaker 4: and so we're like, we were just need to break
39:00
Speaker 4: the lease.
39:00
Speaker 1: But then the unfortunate thing with that as.
39:02
Speaker 4: Well is she's was still a lease holder and she
39:05
Speaker 4: still had to agree to pay the lease and she wouldn't,
39:08
Speaker 4: and essentially I then had to find a new place
39:10
Speaker 4: to live. I moved in with my partner, and I
39:14
Speaker 4: was very fortunate.
39:15
Speaker 1: That he covered a lot of the first.
39:17
Speaker 4: Initial expenses, like the bond for our new place that
39:21
Speaker 4: I essentially was on the hook for double rent for weeks,
39:28
Speaker 4: the cleaning bill for leaving the old apartment and then
39:32
Speaker 4: moving in, and then all the stuff that comes with moving.
39:35
Speaker 4: You know, that's just an expense that you don't even
39:37
Speaker 4: think of. I think we had to pay six six
39:39
Speaker 4: weeks break fee because we'd not We've been in the
39:42
Speaker 4: lease for like two seconds before we broke, and it
39:46
Speaker 4: was twelve month lease. There was all these other additional
39:49
Speaker 4: costs that we had to cover, and then she wasn't
39:52
Speaker 4: paying any of it.
39:53
Speaker 1: So that's where the credit card.
39:55
Speaker 4: Kind of came back, where I was just like, I
39:58
Speaker 4: need this situation to go away. I'm just going to
40:01
Speaker 4: put it all back onto the credit card. And so
40:03
Speaker 4: then I went from a five thousand dollar debt to
40:05
Speaker 4: a ten thousand dollar debt very very quickly, and then
40:09
Speaker 4: got engaged planning a wedding and it all just spiraled
40:14
Speaker 4: very quickly from there.
40:15
Speaker 1: Of just kind of stuck my head in the sand
40:17
Speaker 1: and was like.
40:18
Speaker 4: This isn't happening, And then, Yeah.
40:21
Speaker 2: What's her best money habit?
40:22
Speaker 4: I think my best money habit is that when I
40:24
Speaker 4: do have a goal, so such as the wedding, I
40:28
Speaker 4: will actively work towards it, and then once I reach
40:32
Speaker 4: a certain amount of money in savings, like, I will
40:35
Speaker 4: not touch it.
40:36
Speaker 1: Like even when payments have come up.
40:38
Speaker 4: For the wedding, like oh okay, we need to pay
40:40
Speaker 4: this next amount of money, I'm like, oh God, I don't.
40:42
Speaker 1: Want to part with it, you know, even though that's
40:44
Speaker 1: what it's for.
40:45
Speaker 4: But I'm really good at that's what my goal is,
40:48
Speaker 4: and that's what I'm working towards and I'll.
40:50
Speaker 1: Stick to it.
40:51
Speaker 2: And what is her worst money habit?
40:53
Speaker 4: Oh god, massive skincare junkie. I love it like it's
40:59
Speaker 4: my real self care thing as well, So I really like,
41:03
Speaker 4: I try to take really good care of my skin.
41:06
Speaker 4: But I'm also like, I really love trying new products
41:09
Speaker 4: and seeing like, oh maybe I like this one more
41:12
Speaker 4: than this one, and it's my collection is insane.
41:15
Speaker 1: But I use it all.
41:16
Speaker 4: That's the thing, Like, I use it a little, so
41:18
Speaker 4: it's a purpose. But yeah, it's if there's like new
41:21
Speaker 4: products and things coming out, like I'm trying, and I
41:24
Speaker 4: have a very high threshold for what I think is expensive.
41:27
Speaker 4: So something that someone is like, oh that's outrageous, I'm.
41:30
Speaker 1: Like, is it?
41:32
Speaker 2: What are her money goals?
41:33
Speaker 4: But the shorter term one is the wedding, which is
41:35
Speaker 4: happening very shortly even with COVID because it's very small.
41:39
Speaker 1: And then after that it's the personal loan.
41:41
Speaker 2: What would in debted friend grade her money habits?
41:44
Speaker 4: I would say I used to be like a C
41:48
Speaker 4: or a D, Like I was a good chunk of
41:50
Speaker 4: especially last year and even the beginning of this year,
41:53
Speaker 4: before I consolidated all my debt. I was really not
41:57
Speaker 4: doing so crash hot, Like I was like head in
41:59
Speaker 4: the sand and not paying attention to this, like let
42:02
Speaker 4: it get out of control. Now I would say I'm
42:05
Speaker 4: maybe like a B minus. I think I think is
42:08
Speaker 4: pretty fair. But I know that there are things I
42:11
Speaker 4: can do better. But I have been way more strict
42:15
Speaker 4: on setting my goals and sticking to them and not
42:19
Speaker 4: going crazy on really big purchases or anything, and like
42:24
Speaker 4: trying to be really mindful of the things that I
42:26
Speaker 4: am purchasing, like actually thinking like do I need this,
42:30
Speaker 4: does this serve a purpose in my life, rather than
42:32
Speaker 4: caving into that impulse. The skin care excluded because that's
42:36
Speaker 4: just my thing, so you know, doesn't count.
42:40
Speaker 2: And what does our indebted friend think she needs to
42:42
Speaker 2: do to get an.
42:43
Speaker 4: A I want to learn more about investing and understanding
42:49
Speaker 4: like money better. I think at the moment I have
42:52
Speaker 4: a very basic understanding of those things in terms of
42:56
Speaker 4: you know, higher interest savings and investing and the steps
43:01
Speaker 4: to take to buy a house.
43:03
Speaker 1: And all that kind of thing.
43:05
Speaker 4: I think I need to really expand just past and
43:09
Speaker 4: more basic knowledge of it rather than just I'm going
43:12
Speaker 4: to save X amount of dollars. Well, why am I
43:15
Speaker 4: saving X amount of dollars? And where is that going to?
43:17
Speaker 4: And what can I do to make that, you know,
43:21
Speaker 4: more worth my while?
43:22
Speaker 2: Alrighty v our indebted friend, what did you think?
43:25
Speaker 3: I liked that money, Dirry. I thought it was totally
43:27
Speaker 3: relatable because at what point in anybody's life haven't they
43:30
Speaker 3: had to deal with a terrible housemate?
43:32
Speaker 2: Oh?
43:33
Speaker 3: Yes, I feel like everyone's dealt with a housemate that
43:35
Speaker 3: hasn't been great. Thankfully, the housemates that I have had
43:38
Speaker 3: have been lovely. I have had my fair share of
43:41
Speaker 3: awkward housemate moments, though, but none of them have left
43:43
Speaker 3: me in five thousand dollars worth of debt, So I
43:46
Speaker 3: feel like maybe I am one of the lucky ones.
43:50
Speaker 3: It seems. I felt like she had a good salary.
43:53
Speaker 3: It sounds like she's on a really nice trajectory with
43:56
Speaker 3: her life. She's gonna get married, which is really excited.
43:58
Speaker 3: She's engaged, lanning for a wedding, but she still has
44:02
Speaker 3: From what I was saying, Georgie, you're always better at
44:04
Speaker 3: remembering things than I am, but she's still in ten
44:07
Speaker 3: thousand dollars worth of personal debt? Is that right?
44:09
Speaker 2: I think that was right? Yeah? And she was planning
44:11
Speaker 2: on paying that off after the.
44:12
Speaker 3: Wedding, absolutely, And I really liked that you could see
44:15
Speaker 3: the growth, like she's gone from having a personal loan
44:18
Speaker 3: to learning that maybe a personal loan wasn't the best
44:20
Speaker 3: thing for her. She wants to get out of that debt.
44:23
Speaker 3: And I liked that she gave us a rating of
44:25
Speaker 3: what passed her was like she was like, oh, like
44:28
Speaker 3: I used to be a C or a D, but
44:29
Speaker 3: now I'm a B minus. And I just feel like
44:31
Speaker 3: that level of introspection is really cool. To see your
44:35
Speaker 3: own growth and to see where you've come and where
44:37
Speaker 3: you're going. I don't know, that's really cool. What did
44:39
Speaker 3: you think?
44:40
Speaker 2: I just loved her attitude to start with. She just
44:43
Speaker 2: seemed like she had good energy, which I appreciate. But
44:47
Speaker 2: beyond that, the things that I picked up on were
44:50
Speaker 2: that she's not investing yet, so she hasn't really started
44:54
Speaker 2: getting involved with that. Where would you recommend people who
44:58
Speaker 2: are very green in that area go? Would you say,
45:02
Speaker 2: listen to our old podcasts or are there any other
45:04
Speaker 2: resources that we've got.
45:05
Speaker 3: The first thing I would say, is it actually really
45:07
Speaker 3: important to get out of debt before you start investing,
45:10
Speaker 3: Like paying off your debt is an investment in itself.
45:13
Speaker 3: A personal loan is going to be costing you about
45:16
Speaker 3: fourteen percent in interest, and there's no asset that reasonably
45:20
Speaker 3: pays you back fourteen percent. So your money is literally
45:24
Speaker 3: better used paying off whatever debt you have that carries
45:28
Speaker 3: an interest rate, because you're not going to get that
45:31
Speaker 3: return anywhere else. Like if we invest in the share market,
45:33
Speaker 3: we know that the average is seven point five. If
45:36
Speaker 3: your interest rate is fourteen, that's nearly double. So it
45:40
Speaker 3: actually makes sense because in the long term, paying off
45:43
Speaker 3: that is going to cost you less. Paying it off
45:46
Speaker 3: sooner is going to mean you can invest sooner. And
45:49
Speaker 3: I think that it is just really important to point
45:51
Speaker 3: that out. So if you are in debt right now,
45:53
Speaker 3: that is your priority. I read a really nice quote
45:56
Speaker 3: because as you guys know, I love a good insta
45:58
Speaker 3: quote quote that said, if you have savings and debt,
46:02
Speaker 3: you don't really have savings. And that really spoke to
46:05
Speaker 3: me because I felt like that is so true and
46:08
Speaker 3: it just made so so much sense to me. But
46:12
Speaker 3: it makes sense to be wanting to invest as well.
46:15
Speaker 3: So for me, investing is obviously incredibly important because it
46:18
Speaker 3: is all about creating financial freedom, and at the end
46:21
Speaker 3: of the day, the longer you're invested, the more quote
46:23
Speaker 3: free money you end up with. As a licensed financial advisor,
46:26
Speaker 3: though I can't tell you exactly where to start, I
46:29
Speaker 3: can just educate you on what investing is, how it works,
46:32
Speaker 3: and talk about the different products. I know lots of
46:35
Speaker 3: people in our community Georgia are really enjoying micro investing
46:39
Speaker 3: platforms at the moment. I know in our community, platforms
46:42
Speaker 3: like rays and Spaceship are incredibly popular. It's not a
46:46
Speaker 3: recommendation from us by any stretch of the imagination, Like
46:50
Speaker 3: they are things that I do use personally, and I
46:52
Speaker 3: think that that's worthy of saying, but they are things
46:55
Speaker 3: that you know give you a leg up. You can
46:58
Speaker 3: start rounding up investing your spare change instead of having
47:01
Speaker 3: to invest thousands of dollars from the beginning. So for me,
47:04
Speaker 3: I'd probably be looking at something that helps me increase
47:07
Speaker 3: my financial literacy and my education around shares. And if
47:11
Speaker 3: you have a lump sum of money that you want
47:13
Speaker 3: to be investing, I think it's really worth talking to
47:15
Speaker 3: a financial advisor because in the long term, talking to
47:19
Speaker 3: a financial advisor is going to pay for itself tenfold,
47:23
Speaker 3: I promise you. And I'm also curious to what you
47:27
Speaker 3: would say about her little skin care addiction. There is
47:30
Speaker 3: that okay because it aligns with her values? Or is
47:33
Speaker 3: that something she should maybe rain in a little bit,
47:35
Speaker 3: Georgia King, I see you smirking. We're on zoom, but
47:38
Speaker 3: I can see smirking because you know that I have
47:40
Speaker 3: a skincare addiction exactly. But if it aligns with her values,
47:45
Speaker 3: I think that that's really important. But we also need
47:47
Speaker 3: to make sure that even if something aligns with our values,
47:50
Speaker 3: it's not hindering our future success. So if she's going
47:53
Speaker 3: further into debt because of this, then obviously that's a
47:56
Speaker 3: bad thing. If she is not paying off debt and
47:59
Speaker 3: prioritizing purchasing skin care, then to me, that's not a
48:02
Speaker 3: great thing. But if that is the one thing that
48:04
Speaker 3: she's like, do you know what I save in every
48:06
Speaker 3: other aspect, I'm smashing this debt down, and that is
48:09
Speaker 3: my one thing that I am going to prioritize spending
48:11
Speaker 3: money on because I love it. You go, girl, like,
48:14
Speaker 3: I'm here for that. And I feel like we all
48:16
Speaker 3: have that one thing that we love spending our money on.
48:19
Speaker 3: We shouldn't be judged for that. We should just be
48:21
Speaker 3: really reasonable about how we do that and maybe put
48:24
Speaker 3: a little bit of a budget around it so we
48:26
Speaker 3: can look after ourselves but also make sure that our
48:29
Speaker 3: spending doesn't compromise our larger goals.
48:32
Speaker 2: Yeah, love that well. I feel like we could chat
48:34
Speaker 2: about skin care forever. But it is now time to
48:37
Speaker 2: wrap the show.
48:38
Speaker 3: But just before we head off, we'd like to acknowledge
48:40
Speaker 3: and pay respects to Australia's Aboriginal and Torres Strait Islander people's,
48:44
Speaker 3: the traditional custodians of the lands, waterways and skies across Australia.
48:49
Speaker 3: We thank you for sharing and caring for the land
48:51
Speaker 3: on which we are able to learn. We pay our
48:53
Speaker 3: respects to elders past and present, and share our friendship
48:56
Speaker 3: and kindness.
48:58
Speaker 2: Now let's quickly wrap the boring but important and stuff.
49:00
Speaker 2: The advice shared on She's on the Money is general
49:02
Speaker 2: in nature and does not consider your individual circumstances. She's
49:06
Speaker 2: on the Money exists purely for educational purposes and should
49:09
Speaker 2: not be relied upon to make an investment or a
49:11
Speaker 2: financial decision. And stress less, we promise Victoria Divine is
49:15
Speaker 2: an authorized representative of Australia Pacific Guns Management Propriety Limited
49:20
Speaker 2: ABN three four one three two four six three two
49:22
Speaker 2: five seven AFSL three three nine one five one. And
49:25
Speaker 2: as always a big shout out to Ryan John putting
49:28
Speaker 2: together today's podcast.
49:29
Speaker 3: What an absolute legend he is. I've heard where if
49:33
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49:38
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49:48
Speaker 2: See see you next week, guys,